€113M Fine Over Spanish Flax Subsidy Upheld

Law360, New York (July 2, 2009, 12:00 AM EDT) -- A European court has upheld the findings of an investigation into irregularities in subsidies for Spanish flax production that led the European Commission to order the country to return more than €100 million ($140 million) paid to flax farmers.

The European Court of First Instance on Wednesday rejected all but one protest Spain made against several fines the commission imposed for allegedly improperly disbursed subsidies in the flax, hemp and banana industries.

The largest penalty — €113.4 million ($159 million) — stemmed from the European Anti-Fraud...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.